NC S562

Extends the sunset date for the renewable energy tax credit from January 1, 2016 to January 1, 2021, allowing taxpayers to claim a 35% credit on costs of renewable energy property placed in service during this extended period.

Modifies the definition of solar energy equipment to limit the tax credit for electricity-generating solar systems to those with an aggregate generation capacity of less than one megawatt, effective for property placed in service on or after January 1, 2018.

Maintains the existing tax credit structure allowing taxpayers to claim credits either in full for nonbusiness renewable energy property or in five equal annual installments for other renewable energy property.

Excludes public funding from credit eligibility but specifically includes grants under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 as non-disqualifying funds.